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Sep 27, 2012
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the public opinion, shock for the government. but i'm confident we'll find our way. there will not be layoffs. we'll find a job for everybody at the end. and what is important that we show the way. and the overcapacity in europe, we cannot be the only one to close a plant. >> of course one of the way to grow is for corporations to prosper. the latest corporation is with with gm tell us about what you're going to do with gm, also venturing perhaps into latin america, brazil is one of the key issues, i think. >> we have to upscale our brands and must share the costs of a number of projects. so to do this i think reliance helps no question. the second is globalization, international development, especially in china, latin america. and we for example in reliance on gm a joint venture global and this will help our globalization. and unless europe, we have to restore profitability. we have some ideas of common projec projects. >> let me focus back on gm. 7% stake now. do you think they will increase that in peugeot? >> well, in the con
the public opinion, shock for the government. but i'm confident we'll find our way. there will not be layoffs. we'll find a job for everybody at the end. and what is important that we show the way. and the overcapacity in europe, we cannot be the only one to close a plant. >> of course one of the way to grow is for corporations to prosper. the latest corporation is with with gm tell us about what you're going to do with gm, also venturing perhaps into latin america, brazil is one of the...
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Oct 2, 2012
10/12
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government. jpmorgan stock closing up 1.2%. and "new york times" says u.s. senate will try to use the lame duck session to reach a comprehend len sif deal to cut the deficit instead of a short term solution. lawmakers will reportedly agree on a specific target likely around $4 trillion over ten years and they would vote to put off the automatic tax hikes and spending cuts set to take effect in january. but with the deficit coming down payment to signal how serious they are. jim, how sdw this get resolved? >> well, i haven't heard that sister, but that's what we've been picking up, that in the background of all these guys working on the deal already. soon after the election, our best guess is that there will be one. not too different from that story actually. >> qe-3 meanwhile, how does that play? does that continue to support lift asset prices? how do commodities get in the wash between slowing chinese growth and fed action? >> that's a good question. because i think it's a big one. i think we're
government. jpmorgan stock closing up 1.2%. and "new york times" says u.s. senate will try to use the lame duck session to reach a comprehend len sif deal to cut the deficit instead of a short term solution. lawmakers will reportedly agree on a specific target likely around $4 trillion over ten years and they would vote to put off the automatic tax hikes and spending cuts set to take effect in january. but with the deficit coming down payment to signal how serious they are. jim, how...
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Oct 3, 2012
10/12
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because the government changes took the shine off the sector. we know it's a very expensive industry that requires a lot of capital at the early phase. do you think the investment banks are willing to run the ticket on this because of the dynamics that play out in the sector? >> there is a bit of concern there with funding. but at the end of day, across europe, we're committed to reducing our carbon generating capacity, and the only way we can do that is through the construction of low carbon generating power stations and nuclear is one of those solutions. >> thank you very much for joining us today, scott parker on set with us today. >>> a move to raise cash and reduce a debt pile, the spanish telecomgiant says it has not decided what percent of capital it will float, but it does plan a controlling stake in the company. telecom has confirmed it's in discussions to combine with smaller rival metro pcs. deutsche telecom could come a step closer to exiting the market. they moved to call speculation saying significant issues were still outstanding
because the government changes took the shine off the sector. we know it's a very expensive industry that requires a lot of capital at the early phase. do you think the investment banks are willing to run the ticket on this because of the dynamics that play out in the sector? >> there is a bit of concern there with funding. but at the end of day, across europe, we're committed to reducing our carbon generating capacity, and the only way we can do that is through the construction of low...
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Sep 26, 2012
09/12
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european governments are not dealing with their economic problem. it's so frustrating to watch the ecb do everything right in terms of protecting the banks and the sovereign bond market and watch the politicians fail to do what's necessary to get these economies to grow. you have to stabilize the patient before you try and fission their long-term problems. the politicians don't do this. that means europe stays in a recession. for u.s. investors, i think it is still something of a side show. >> something of a side show. until they either come up with the austerity or -- something's got to give, right? >> because it doesn't disrupt the u.s. economy. the u.s. economy is still growing. our exports to europe are only a very small part of our gdp. the housing market recovery is much more important to the improvement of wealth. we're seeing some improvement of confidence. we're seeing rising home prices. all these are more important to the united states than what's going on in europe. >> mark, how do you see it? you invested in europe these days or no? >>
european governments are not dealing with their economic problem. it's so frustrating to watch the ecb do everything right in terms of protecting the banks and the sovereign bond market and watch the politicians fail to do what's necessary to get these economies to grow. you have to stabilize the patient before you try and fission their long-term problems. the politicians don't do this. that means europe stays in a recession. for u.s. investors, i think it is still something of a side show....
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Sep 27, 2012
09/12
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no, it's not our government doing it. it's us. who's to blame for the shocking number of americans spending twice their annual income? that's next. stay with us. for many, nexium helps relieve heartburn symptoms caused by acid reflux disease. osteoporosis-related bone fractures and low magnesium levels have been seen with nexium. possible side effects include headache, diarrhea, and abdominal pain. other serious stomach conditions may still exist. talk to your doctor about nexium. if we want to improve our schools... ...what should we invest in? maybe new buildings? what about updated equipment? they can help, but recent research shows... ...nothing transforms schools like investing in advanced teacher education. let's build a strong foundation. let's invest in our teachers so they can inspire our students. let's solve this. [ male announcer ] introducing a reason to look twice. the entirely new lexus es and the first-ever es hybrid. this is the pursuit of perfection. >>> even in this new era of households, america's lowest earner
no, it's not our government doing it. it's us. who's to blame for the shocking number of americans spending twice their annual income? that's next. stay with us. for many, nexium helps relieve heartburn symptoms caused by acid reflux disease. osteoporosis-related bone fractures and low magnesium levels have been seen with nexium. possible side effects include headache, diarrhea, and abdominal pain. other serious stomach conditions may still exist. talk to your doctor about nexium. if we want to...
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Sep 25, 2012
09/12
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he doesn't want to be writing checks to the foreign governments. he wants a more sophisticated interplay. that was where he was going with this. but he cited the initiative as the model that he would like to pursue. he said what bill clinton has done is a model for how far rin policy can go. many thanks. >> let's get right to our guests. retired four star general. general mccaffery, can i get your take on something, iran saying they have a big missile test and is this bs or is it real? >> i think they are trying to project eemense military power. i do think they have the batteries to close down the gulf for any kind of confrontation. military force is not the option in the gulf. >> but you could surmise that they were taking this test. because ahmadinejad was talking on the news yesterday. normally they would show us pictures. i'm skeptical, did anything happen at all or is this off the radar screen, nothing, zero? >> they have constructed a m missile industry and a lot of it was the russian defecting scientist. this is a third tier military power.
he doesn't want to be writing checks to the foreign governments. he wants a more sophisticated interplay. that was where he was going with this. but he cited the initiative as the model that he would like to pursue. he said what bill clinton has done is a model for how far rin policy can go. many thanks. >> let's get right to our guests. retired four star general. general mccaffery, can i get your take on something, iran saying they have a big missile test and is this bs or is it real?...
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Sep 26, 2012
09/12
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government. one day after the u.s. said it had complied with the wto requirement, eu officials rejected the claim and said they would appeal again to the trade organization. this marks the latest chapter in an ongoing battle with the u.s. also pursuing the eu over air bus subsidies. >>> in japan, they have chosen a nationalist talk to lead it into upcoming elections. if former prime minister won the leadership in a second round lineup. he had been the most vocal candidate in calling for a harder start against beijing in ongoing territorial disputes. he's also pushed bank of japan to take more action on the economy. >>> continued anti-japanese tension in china is forcing japan's top auto makers to put the brakes on production. here is the story live from tokyo. >> reporter: the decision comes as growing anti-japan sentiments slow sales of japanese cars in the mainland. toyota's original plan was to shut down its main plant for national holidays starting sunday, but the auto maker has decided to sloez the plant four days
government. one day after the u.s. said it had complied with the wto requirement, eu officials rejected the claim and said they would appeal again to the trade organization. this marks the latest chapter in an ongoing battle with the u.s. also pursuing the eu over air bus subsidies. >>> in japan, they have chosen a nationalist talk to lead it into upcoming elections. if former prime minister won the leadership in a second round lineup. he had been the most vocal candidate in calling...
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Sep 26, 2012
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governments push these companies to give them the data. you know, give up some information on people. so it's very scary. i always say, if you don't want it on the cover of "the wall street journal," don't do it and don't say it. >> words to live by. we'll take a break and come back with a recap on the day. >> after the bell, don't miss my one on one interview with billionaire oil man boone pickens. we'll talk about when oil prices will hit bottom and more. you're watching the "closing bell" on cnbc, first in business worldwide. bob... oh, hey alex. just picking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a meteor. wow, your hair looks great. didn't realize they did photoshop here. hey, good call on those mugs. can't let 'em see what you're drinking. you know, i'm glad we're both running a nice, clean race. no need to get nasty. here's your "honk if you had an affair with taylor" yard sign. looks good. [ male announcer ] fedex office. save 50% on banners. l
governments push these companies to give them the data. you know, give up some information on people. so it's very scary. i always say, if you don't want it on the cover of "the wall street journal," don't do it and don't say it. >> words to live by. we'll take a break and come back with a recap on the day. >> after the bell, don't miss my one on one interview with billionaire oil man boone pickens. we'll talk about when oil prices will hit bottom and more. you're watching...
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Sep 25, 2012
09/12
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you can't get it from the united states government. they'll pay you nothing. people are going say, wait a minute, now i have to pay 36% and i have risk in the marketplace. these are a lot of big issues. >> i know you meant governor romney. >> let me apologize. >> do you think we go to the election and are in standstill mode until then? once we get the clarity of who's in the white house, what's your expectation? >> i do. i don't anticipate a lot. i know people are talking about that we'll see more in the early parts of november because of the different things with the defense department and where they're going to be at as far as cuts go. we'll get an indication what's going to happen. i think we'll have to wait until the election is over and done with and we'll get clarity for the future of the markets. >> i really like the fact you're looking at this whole dividend issue. we've been talking about the fiscal cliff a lot on this program. do you really think these guys are going to allow dif vidend taxes to go to 43%? >> they think hthis is a bunch f wealthy peo
you can't get it from the united states government. they'll pay you nothing. people are going say, wait a minute, now i have to pay 36% and i have risk in the marketplace. these are a lot of big issues. >> i know you meant governor romney. >> let me apologize. >> do you think we go to the election and are in standstill mode until then? once we get the clarity of who's in the white house, what's your expectation? >> i do. i don't anticipate a lot. i know people are...
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Sep 25, 2012
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. >> corporate governance is by far the biggest risks in china. we've seen stories in the small micro cap side. largely the bigger companies have avoided some of the stig ma -- stigma attached, but it's a risk. there's no way you can fully know what's going on. >> but isn't that absurd as a fund manager to say i don't know what they could do? with all due respect, that seems like a huge risk to take. >> i think if you are willing to take -- like you said, it's a little bit of a value play. there's a discount in the name, in my opinion, for the potential growth. you'll see the largest internet market in the world. so i think the opportunity is such that you take the -- you do the due diligence you can, but you know that in the end, just like enron or world com, there could be an example of something out there that you never really have firm control of. we've met with management as many times as you can. we feel comfortable with the company. but it is china. >> e-bay, is that a market part of the business or the pay pub part of the business? >> the
. >> corporate governance is by far the biggest risks in china. we've seen stories in the small micro cap side. largely the bigger companies have avoided some of the stig ma -- stigma attached, but it's a risk. there's no way you can fully know what's going on. >> but isn't that absurd as a fund manager to say i don't know what they could do? with all due respect, that seems like a huge risk to take. >> i think if you are willing to take -- like you said, it's a little bit of...
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Sep 28, 2012
09/12
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the government was less worried. of course, with the announcement of the like ly fate and a date for the party congress, a risk premium is taken off, or at least reduced from the market. >> dr. wong, so many people have such widest mates on china. you hear some people say real gdp growth is 4%. some say 8%. you guys are right under 8% for next year. what could happen in china that would derail things? i agree with you it's a soft landing. that it's landed and turning around. what's on the ground that could actually turn that thesis upside down? >> i think right now, of course, corporate earnings have dropped a lot. i think at the moment what is really positive is property sales have rebounded. so what could derail that, for whatever reason, the government decided to tighten the property sector further or people lose confidence on this sector, that property sales and construction nose dive from where we are now. then it would be very hard to have a soft landing in china. >> guys, more questions for the doctor? >> i wo
the government was less worried. of course, with the announcement of the like ly fate and a date for the party congress, a risk premium is taken off, or at least reduced from the market. >> dr. wong, so many people have such widest mates on china. you hear some people say real gdp growth is 4%. some say 8%. you guys are right under 8% for next year. what could happen in china that would derail things? i agree with you it's a soft landing. that it's landed and turning around. what's on the...
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Sep 25, 2012
09/12
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they need help from other government entities. other government entities are literally on strike. they're not coming in. so the fed is involved, but the expectations are so high that the fed is not going to be able to deliver on economic outcomes. >> how does that play out? what does that mean won't be able to deliver economic outcomes? >> it means we'll see them engage more and more. yes, we've seen qe-1, qe-2. we will see even more with the hope that at some point the fed would have ended up providing a bridge for other entities. if they don't, the investment theme is going to go from betting on the fed liquidity to positioning for the collateral damage that the fed will create. >> are you expecting a sizable decline in this market in the next couple of months, and how do you invest around that if you are? >> a lot will depend as to whether the tail winds come back in. the reason why the market has done so well is that the risk of a recession in the u.s., the risk of recession in europe has been removed by the central banks. that's why the markets have done so well and rightly s
they need help from other government entities. other government entities are literally on strike. they're not coming in. so the fed is involved, but the expectations are so high that the fed is not going to be able to deliver on economic outcomes. >> how does that play out? what does that mean won't be able to deliver economic outcomes? >> it means we'll see them engage more and more. yes, we've seen qe-1, qe-2. we will see even more with the hope that at some point the fed would...
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Sep 26, 2012
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long dated government bonds are being bought big time. the ten-year yield has now fallen eight straight sessions. last time that happened was in january of 2008. it smells a bit of fear. here's what's going on. stocks are telling a different story. stocks and bonds generally go in different directions. but the blue line is the s&p 500. we have been up, down, up again. the light green -- yellow, seahawks green, whatever you want to call it -- is the price of the ten-year fretreasury not. at the start of the year the two were going in opposite directions as we usually see. we had flare-ups. they started to converge, come back. we did what we normally do, diverged again. look at the far right, they are coming back together. people get scared, sell stocks and buy bonds. is that what's going on here? let's get rick santelli's take on it. rick? >> i think you nailed it. i think there is a bit of a water balloon metaphor or analogy to this as well. the federal reserve has a giant water balloon and they are trying to manage it. that represents al
long dated government bonds are being bought big time. the ten-year yield has now fallen eight straight sessions. last time that happened was in january of 2008. it smells a bit of fear. here's what's going on. stocks are telling a different story. stocks and bonds generally go in different directions. but the blue line is the s&p 500. we have been up, down, up again. the light green -- yellow, seahawks green, whatever you want to call it -- is the price of the ten-year fretreasury not. at...
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Sep 27, 2012
09/12
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sound like our government, right? details of this rather distu disturbing story. which group is the biggest offender? you'll find out. stay tunes. at optionsxpress we're all about options trading. we create easy to use, powerful trading tools for all. look at these streaming charts! they're totally customizable and they let you visualize what might happen next. that's genius! strategies, chains, positions. we put 'em all on one screen! could we make placing a trade any easier? mmmm...could we? open an account today and get a free 13-month e ibd™ subscription when you call 1-888-280-0149 now. optionsxpress by charles schwab. . >>> all right. listen up, single guys. you can become an instant multimillionaire without winning the lottery. a hong kong billionaire can help you do it. all you have to do is marry his daughter. but there's only one tiny catch. robert frank explains why this may be a tough deal to get done. robert. >> thanks, maria. i love this story. a hong kong billionaire is offering $65 million to any man able to marry his daughter. now, in most ways,
sound like our government, right? details of this rather distu disturbing story. which group is the biggest offender? you'll find out. stay tunes. at optionsxpress we're all about options trading. we create easy to use, powerful trading tools for all. look at these streaming charts! they're totally customizable and they let you visualize what might happen next. that's genius! strategies, chains, positions. we put 'em all on one screen! could we make placing a trade any easier? mmmm...could we?...
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Oct 2, 2012
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jpmorgan took over bear sterns at the behest of the government government, they didn't want to buy this bank. they only had a weekend to do whatever due diligence they should do so, why are you bringing this complaint against jpmorgan since he did what the government asked them to do? >> well, we started our investigation in the new york attorney general's office last spring and we were looking a at variety of institutions. the federal working group was founded by president obama in january and formed in months after that and started working with our federal colleagues who also had substantial information and pro-ed a lot of assistance in going after the misconduct at bear stearns, which quite frankly, was some of the most flagrant misconduct by any firm in the bundling and security z securitization of mortgage-backed securities. >> that took place before jpmorgan bought that. >> as the introduction said, when you buy a firm, you get the assets and you get the liabilities and we can't send a message that this kind of flagrant fraud, i mean, misrepresentations that they were monitoring t
jpmorgan took over bear sterns at the behest of the government government, they didn't want to buy this bank. they only had a weekend to do whatever due diligence they should do so, why are you bringing this complaint against jpmorgan since he did what the government asked them to do? >> well, we started our investigation in the new york attorney general's office last spring and we were looking a at variety of institutions. the federal working group was founded by president obama in...
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Sep 28, 2012
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right now it's looking like 2 million in total nationwide, including government employees, from some reports. that number may be a bit inflated. the reports are coming from industry. we question whether or not there's a bias to those reports. >> the timing -- you're item id -- itemizing. this is before congress goes back to work to fix this crisis. is it possible notices go out when they do just to highlight what could happen as a scare tactic to get congress back to work? >> congress is already on a recess. they're on a recess all the way through the elections. actually, the government employee union has a 90-day notice policy, which would actually go out at the beginning of october. so the dates are kind of insignificant at this point. we're looking more at the nominal dollar effect, the total addressable market shrink for the defense market. it's going to be quite significant. >> i look at it the other way, actually. initially, i thought they had to tell employees by october 1st. so if it was october 1st, by the time the election came around, it would be out there. you can hide it
right now it's looking like 2 million in total nationwide, including government employees, from some reports. that number may be a bit inflated. the reports are coming from industry. we question whether or not there's a bias to those reports. >> the timing -- you're item id -- itemizing. this is before congress goes back to work to fix this crisis. is it possible notices go out when they do just to highlight what could happen as a scare tactic to get congress back to work? >>...
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Sep 26, 2012
09/12
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i don't know where they will get the money for that and more government regulation reform in addition to what's happening in the labor markets. earlier today, two capitols suffering violence. athens as well this morning. we saw people rioting in the streets there as well. teargas being thrown by the police. molotov cocktails thrown by protesters. once again trying to disperse crowds there as they protest another round of salary cuts, job losses, taxes as well as they continue to try to balance their budget. sue, it's always a struggle. the more austerity measures they do, the less tax revenue they bring in and it gets harder to balance the budget. >> it's a vicious cycle. simon is in on the conversation as well. we saw reaction to the down side in the european markets. our markets have been resilient to it. i find that curious. if this was a year ago it would have been a different story. >> it's important that wall street is unmoved. given that michelle laid it out as she has i would frame it differently and say this is classic profit-taking in europe after a stunning rally. it's two
i don't know where they will get the money for that and more government regulation reform in addition to what's happening in the labor markets. earlier today, two capitols suffering violence. athens as well this morning. we saw people rioting in the streets there as well. teargas being thrown by the police. molotov cocktails thrown by protesters. once again trying to disperse crowds there as they protest another round of salary cuts, job losses, taxes as well as they continue to try to balance...
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Sep 26, 2012
09/12
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they are looking to slow down high speed training, the government approving a draft bill that would impose controls on such trading and critics worry it is excessive. you see the impact of high speed trading. what do you think? should will be rules in germany? should will be rules here? >> there should be rules both places. no doubt about it. a lot is not intended to be jamming the systems but it is and there has to be a payment system and i like the payment system they came up with in germany. >> it is not an issue -- it is an issue of speed, the speed that bothers you, the volume? >> the speed does not bother me. it is the fact potentially they can set up scenario that is unfortunately do cause markets to move in those flash crash type of events and those are awful. we all know that. that's an easy answer. the tough thing is how do you control that speed? i think by controlling that speed you make the folks that are actually trying to run at those speed limits at least have certain qualifications. that's what the german plan is. >> tell me more about the german plan. >> essentially there
they are looking to slow down high speed training, the government approving a draft bill that would impose controls on such trading and critics worry it is excessive. you see the impact of high speed trading. what do you think? should will be rules in germany? should will be rules here? >> there should be rules both places. no doubt about it. a lot is not intended to be jamming the systems but it is and there has to be a payment system and i like the payment system they came up with in...
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Sep 27, 2012
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the second reason is historically interest rates have fallen when the fed and the government are trying to work there way out of a recession, out of a typical business cycle. this is much more of a long-term deleveraging debt cycle where the price of money is not really the arbiter of what happens long-term. and that is why i think we're finding that qe1, qe2, qe3, so much of that capital that they're spending is going back into the fed in the form of excess reserves. it's not getting lent because loan demand is not there. >> so if you're an individual investor, how do you play it? i own the mortgage rates, for example. are those something that i should continue to hold or should i be worried about the curve steepening? what would you suggest? individuals can't go out and really buy properties. >> right. >> for a lot of them. exactly. i mean, i think first of all, you have to distinguish between the equity rooeits and the mortgage reits. >> and distinguish. >> absolutely. there's a clear hierarchy of balance sheets and business model that, you know, if you do your homework, you can prob
the second reason is historically interest rates have fallen when the fed and the government are trying to work there way out of a recession, out of a typical business cycle. this is much more of a long-term deleveraging debt cycle where the price of money is not really the arbiter of what happens long-term. and that is why i think we're finding that qe1, qe2, qe3, so much of that capital that they're spending is going back into the fed in the form of excess reserves. it's not getting lent...
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Sep 25, 2012
09/12
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a long way to government seventh inning in terms of the anxieties. they think the anxieties are in seventh. the solutions are way behind, but the people are -- their anxiety is ahead of the solutions to come. >> feels like this european game has some way to played an could be talking about it this time next year. thank you very much, rick. thank you very much, michelle, for working the phones as well. >>> all right. moving on, caterpillar raising a red flag on china today and sellers taking a chunk out of that stock. the company is cutting its 2015 earnings forecast because of slower-than-expected economic recovery. cat tracker says equipment sales in australia and china were among areas of concern and many people seem to be cheering a china slow down, perhaps in the hopes it will help the american recould have environment that a dangerous way to think? another way, a simpler way, do we need china more than we know? let's ask the author of "what the u.s. can learn from china" and peter navarre row, economist and director of the film "death by china"
a long way to government seventh inning in terms of the anxieties. they think the anxieties are in seventh. the solutions are way behind, but the people are -- their anxiety is ahead of the solutions to come. >> feels like this european game has some way to played an could be talking about it this time next year. thank you very much, rick. thank you very much, michelle, for working the phones as well. >>> all right. moving on, caterpillar raising a red flag on china today and...
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Oct 2, 2012
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that makes sense, good at growing government and good at being part of government but i don't know -- >> the right person in that office could do wonders for this country. >> it should be about jobs. it shouldn't be about taxes. it should be about jobs, jobs, jobs. donald trump, thank you. >> so long, so long, sam. >> bye-bye now. >>> coming up next, bill ackman's big investing idea the activist fund manager joining to us discuss where he's putting his money to work plus why he's putting pressure on p&g to get rid of the company's ceo, that interview coming up after the break. [ male announcer ] for the saver, and a big first step. for the spender who needs a little help saving. for adding "& sons." for the dreamer, planning an early escape. for the mother of the bride. for whoever you are, for whatever you're trying to achieve, pnc has technology, guidance, and over 150 years of experience to help you get there. ♪ [ male announcer ] how do you turn an entrepreneur's dream... ♪ into a scooter that talks to the cloud? ♪ or make 70,000 trades a second... ♪ reach one customer at
that makes sense, good at growing government and good at being part of government but i don't know -- >> the right person in that office could do wonders for this country. >> it should be about jobs. it shouldn't be about taxes. it should be about jobs, jobs, jobs. donald trump, thank you. >> so long, so long, sam. >> bye-bye now. >>> coming up next, bill ackman's big investing idea the activist fund manager joining to us discuss where he's putting his money to...
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Sep 28, 2012
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he's also seek government enter session. mervyn king says he welcomes the proposals and wants prompt implementation. simon, welcome. these libor reforms, do they go far enough? >> there are a number of suggests which deal with the fact that there is a market benchmark and therefore there is a limit to how wide they will be involved in the process. so people might look at this and say we wanted to see the criminal sanctions, that was not the scope of this review. if there is one area where i'd be disappointed with the conclusions, it's that it hasn't been more aggression. if you're benefiting from libor as a rate, should you be contributing to it. although wheatley has asked for the fsa to have the power in the future to enforce consume poll more aggressive. >> it was the rate at which banks wouldn't rate to each other. is it going to retain after the scandal, as relevant as it was before? >> there is the traditional role of lie brother bor as the lendi. it's possible that it will be replaced by secured. but it's also incredi
he's also seek government enter session. mervyn king says he welcomes the proposals and wants prompt implementation. simon, welcome. these libor reforms, do they go far enough? >> there are a number of suggests which deal with the fact that there is a market benchmark and therefore there is a limit to how wide they will be involved in the process. so people might look at this and say we wanted to see the criminal sanctions, that was not the scope of this review. if there is one area where...
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Sep 26, 2012
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another round of cuts of government spending which will mean lower salaries, pensions that could be affected as well. a lot of the details haven't come out, but they kind of know the story already. this is athens. once again, molotov cocktails as we have seen in the past. tear gas being used by the police to disperse the protesters. a lot of back and forth. that lasted just a couple of hours. it was smaller than we've seen in the past. but once again, two capitals in europe erupting in the last two days, today, in fact over austerity measures being imposed as they try to balance their budgets. >> michelle caruso-cabrera, thank you for that update. beakers, i'm going to you. the worse things get, the more likely it will be that spain actually seeks a bailout, right? borrowing costs have to remain high. 32 basis points rose in spanish bond yields. isn't that a good thing at the end of the day? >> yes. it's hard to say that social unrest is a good thing. but in terms of the markets, this pushes spain a lot closer to that bailout that everybody's been looking for. and you actually have a couple
another round of cuts of government spending which will mean lower salaries, pensions that could be affected as well. a lot of the details haven't come out, but they kind of know the story already. this is athens. once again, molotov cocktails as we have seen in the past. tear gas being used by the police to disperse the protesters. a lot of back and forth. that lasted just a couple of hours. it was smaller than we've seen in the past. but once again, two capitals in europe erupting in the last...
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Sep 27, 2012
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government waste gone wild. the shocking story that has all of us here shaking our heads today. >> indeed. and how the lands down under just got a whole lot richer. why am i not there? "street signs" is back after this quick break. >>> here's today's "return on retirement." middle-class americans are dealing with some serious woes. their net worth has fallen, wiping out two decades of growth. in a recent survey, 85% of middle class adults said it is harder to maintain their lifestyle today than a decade ago. so how do they feel about retirement? the results when we return. i've been a superintendent for 30 some years at many different park service units across the united states. the only time i've ever had a break is when i was on maternity leave. i have retired from doing this one thing that i loved. now, i'm going to be able to have the time to explore something different. it's like another chapter. now we need a little bit more... a little bit more vanilla? this is great! [ male announcer ] at humana, we beli
government waste gone wild. the shocking story that has all of us here shaking our heads today. >> indeed. and how the lands down under just got a whole lot richer. why am i not there? "street signs" is back after this quick break. >>> here's today's "return on retirement." middle-class americans are dealing with some serious woes. their net worth has fallen, wiping out two decades of growth. in a recent survey, 85% of middle class adults said it is harder to...
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Oct 1, 2012
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the january p sneeze government does not want this to grow out of control, nor does the chinese government. tension certainly is rising and the man on the street is feeling passion about this issue. that's understandable. in the medium to long term, both governments want this to tone down and it will. >> let's hope that pans out. meanwhile all this cash that companies have, you were just talking about this, do you expect cap ex to continue to pick about up? >> i do. there's an awful lot of money sitting on the seed lines us a was noted back in an article back in july/august. almost 44% of the total value is held at cash in company coffers. this money needs to get spent. needs to get spent expenditures, hiring new staff. sitting in the bank is not helping anybody. >> who is spending shall steel makers, equipment makers more gloom about business conditions, sentiment deteriorating sharply. they expect domestic demand to falter, as well. in that mood, they won't be spending anymore money, are they? >> well, again, as the survey had indicated, some of the larger manufacturers are amongst the m
the january p sneeze government does not want this to grow out of control, nor does the chinese government. tension certainly is rising and the man on the street is feeling passion about this issue. that's understandable. in the medium to long term, both governments want this to tone down and it will. >> let's hope that pans out. meanwhile all this cash that companies have, you were just talking about this, do you expect cap ex to continue to pick about up? >> i do. there's an awful...
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Sep 26, 2012
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government is failing us as a whole. it's the institution of government. and i mentioned self-inflicted political uncertainty. let me make a quick point. we've had three major political uncertainties not additives, but, in fact, multiplying each other and a fourth looming. the debt ceiling debate last year sent us in to a spiral. the discussion out of europe and the lack of a solution on the sovereign debt issue amplified the spiral. the chinese handover, which is not going well is causing an economic slowdown, almost freefall over there. those three things are amplifying economic events, causing business to not invest. and therefore in the united states, this looming fiscal cliff is the fourth data point that's a multiplier. you put all that together, that is a failure of politics. in essence, you know, whichever president it is and whichever congress it is, they're not working out solutions. >> that's where i was going to go. because, you know, whichever president matters a whole lot. i just want to ask your personal view. i've known you a long time. mr.
government is failing us as a whole. it's the institution of government. and i mentioned self-inflicted political uncertainty. let me make a quick point. we've had three major political uncertainties not additives, but, in fact, multiplying each other and a fourth looming. the debt ceiling debate last year sent us in to a spiral. the discussion out of europe and the lack of a solution on the sovereign debt issue amplified the spiral. the chinese handover, which is not going well is causing an...
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Sep 25, 2012
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until now, all the governments involved, uk, u.s. as well as the french and german of course have come up with a lot of yes buts. meaning they're looking at trying to safe guard jobs and also a possible takeover and the golden share offered quite a few days ago, however it could be getting in to problems when it comes into the eu competition wall. so we really have to see. perhaps tomorrow after that meeting, we could see more information. ross. >> all right. thanks for that, patricia. >> want to just quickly sticking with transport, take a look at continental shares, they're down now more than 4% in frankfurt trade, this after the company's major shareholder sold over 20 million shares at a price of about 77.5. a key test for the transport sector and for sentiment around autos in particular. >> merkel says she would like the european court of justice to monitor the fiscal pact. we'll take a short break. still to come, caterpillar's falling, but is it too slow. bob... oh, hey alex. just picking up some, brochures, posters copies of m
until now, all the governments involved, uk, u.s. as well as the french and german of course have come up with a lot of yes buts. meaning they're looking at trying to safe guard jobs and also a possible takeover and the golden share offered quite a few days ago, however it could be getting in to problems when it comes into the eu competition wall. so we really have to see. perhaps tomorrow after that meeting, we could see more information. ross. >> all right. thanks for that, patricia....
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Sep 27, 2012
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so why does the government hate taxes, john? >> it's not just these federal agencies that owe taxes. we learned earlier in the year that over a billion dollars is owed by federal employees. there's a scofflaw problem in our very government. >> this is total nonsense. i just the figures -- >> this is social security taxes, right? >> i just checked how many federal employees there were in october -- in august. it works out at just over $6 per employee. it's neither here nor there. it's an accounting error -- >> but there is something very silly about the government paying itself taxes. >> it's a delay in funding. >> they're already immune to the federal income tax. the government doesn't pay federal income tax. it doesn't really make sense. >> it's a non-story. >> move over "50 shades of grey." j.k. -- >> is it rowling or rowling? >> i have no idea. >> highly anticipated first adult novel, "the casual vacancy." it's in bookstores today. it's already number one on amazon's best-seller list. but will drugs, sex, and swearing in the
so why does the government hate taxes, john? >> it's not just these federal agencies that owe taxes. we learned earlier in the year that over a billion dollars is owed by federal employees. there's a scofflaw problem in our very government. >> this is total nonsense. i just the figures -- >> this is social security taxes, right? >> i just checked how many federal employees there were in october -- in august. it works out at just over $6 per employee. it's neither here...
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Oct 2, 2012
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. >>> used to seeing the federal debt clock, forget the government. here is a city with 21 billion of red ink just for pen eggses and put residents on in the, we need to fix our things or your property taxes will be tripled. guess which city this is. if we want to improve our schools... ...what should we invest in? maybe new buildings? what about updated equipment? they can help, but recent research shows... ...nothing transforms schools like investing in advanced teacher education. let's build a strong foundation. let's invest in our teachers so they can inspire our students. let's solve this. hey, it's sandra -- from accounting. peter. i can see that you're busy... but you were gonna help us crunch the numbers for accounts receivable today. i mean i know that this is important. well, both are important. let's be clear. they are but this is important too. [ man ] the receivables. [ male announcer ] michelin knows it's better for xerox to help manage their finance processing. so they can focus on keeping the world moving. with xerox, you're ready for
. >>> used to seeing the federal debt clock, forget the government. here is a city with 21 billion of red ink just for pen eggses and put residents on in the, we need to fix our things or your property taxes will be tripled. guess which city this is. if we want to improve our schools... ...what should we invest in? maybe new buildings? what about updated equipment? they can help, but recent research shows... ...nothing transforms schools like investing in advanced teacher education....
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Sep 25, 2012
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it's giving the federal government an opportunity to get its house in order. very much like the integration of euro countries back in the last decade where -- >> it's josh. i'm just curious. first of all, i admire your conviction, 35% cash in the midst of a market meltup. i guess john talks about how he wants his investors to judge him over a full market cycle, understanding the fact he will trail in certain types of market environments. how do you feel about that? are you willing to forego-g a rally of this strength and breadth to ultimately be right and skate where the puck is, where you think it's going to be in 2013? >> absolutely. i've done it throughout my entire career. it's something i addressed in the commentary about that our clients and managers will be tested during this period of time. we are coming into the most critical year, i believe, in the last 80 years in 2013. and it's something i've spoken about -- >> that's a big, big statement. mike murphy? >> rob, i was in the same camp coming into qe3. i was hoping that the fed didn't do anything. i t
it's giving the federal government an opportunity to get its house in order. very much like the integration of euro countries back in the last decade where -- >> it's josh. i'm just curious. first of all, i admire your conviction, 35% cash in the midst of a market meltup. i guess john talks about how he wants his investors to judge him over a full market cycle, understanding the fact he will trail in certain types of market environments. how do you feel about that? are you willing to...
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Oct 1, 2012
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government, this complaint is entirely about historic conduct by that. so desires to separate themselves from these legacy potential liabilities that they might face. in terms of jpmorgan if it is billions, there's no reserve fund that is that much. >> there is no reserve fundament and i thought during the deal, part of the deal was that jpmorgan would not be liable for these. so we'll have to see our this comes out. we only have a headline at this point in time. at this point, i wouldn't be selling jpmorgan on this news. >> i guess the difference paying ten for bear or paying two for bear makes up for it. >> stock not moving much in the after-hours, very light volumes. >>> time now for the moment you have been waiting for. beaker's unveil trade of the day. >> dba, the etf, last friday we had the usda come out and say that corn, wheat and soybean inventories were really low, lower than expected, now we have the drought over, the harvest coming in and we have an awful lot of demand coming. i think agriculture's the place to be, dba is the way to play. >>
government, this complaint is entirely about historic conduct by that. so desires to separate themselves from these legacy potential liabilities that they might face. in terms of jpmorgan if it is billions, there's no reserve fund that is that much. >> there is no reserve fundament and i thought during the deal, part of the deal was that jpmorgan would not be liable for these. so we'll have to see our this comes out. we only have a headline at this point in time. at this point, i wouldn't...
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whoever the government is that made it so hard to buy also made it easy to buy. >> the banks are doing it on their own. five, six years they were willing to lend to anyone. >> sorry. >> go ahead. >> that was pointed out by the citi note that underwriters are much tighter these days. so the risk is we have all the starts and the home builders are doing well but they will reach the point where the buyers can't get the credit they need and demand is gone. >> that's why when the toll brothers made it, they were in the process. it is one of those things, why aren't more people using the money and bernanke -- go buy a house, chairman. chairman bernanke, go buy an apartment for rental. what you'll see is unless you pay in cash or cut out the banks entirely and that hurts the rate of return, unless you're paying crash you'll tie yourself up for a really long time. evil gains are feeding into things. i do need to modulate here in the risk of the parts of corporations and the banks doing a 180. this is trauma from the financial corporation, which is okay. you want them to have some memory of it.
whoever the government is that made it so hard to buy also made it easy to buy. >> the banks are doing it on their own. five, six years they were willing to lend to anyone. >> sorry. >> go ahead. >> that was pointed out by the citi note that underwriters are much tighter these days. so the risk is we have all the starts and the home builders are doing well but they will reach the point where the buyers can't get the credit they need and demand is gone. >> that's...
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Sep 28, 2012
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government per diems aren't helping. business travel needs to lift hotel occupancy through the election and actually in response to it. that will also be critical for next year's corporate rates for the likes of marriott and intercontinental about to thrash out for the hotels that they service. incidentally those two stocks are up 30% and 40% so analysts say be careful. the reits that hold the hotels will likely trade more properties. we'll follow on offerings for investors. and the hope trade is under way so accelerating yields or could be share holder pain. casual dining this year's drought is about to become next year's commodity head wind. in the burger wars value appetizing will increasingly be pitched against expensive remodeling possibly hurting everybody they say in the industry. that's a q 4 t and l check. i'm simon hobbs. >> amazon is planning an online market place for wine sales, the second attempt at selling wine to consumers after problems with a partner prompted it to end the first attempt three years ago.
government per diems aren't helping. business travel needs to lift hotel occupancy through the election and actually in response to it. that will also be critical for next year's corporate rates for the likes of marriott and intercontinental about to thrash out for the hotels that they service. incidentally those two stocks are up 30% and 40% so analysts say be careful. the reits that hold the hotels will likely trade more properties. we'll follow on offerings for investors. and the hope trade...
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Sep 27, 2012
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to backstop the government with potentially buying of its bonds. herein lies the problem. this is a country that has tried austerity. it's not like greece that's been dragging its feet. lehoy has enacted over 60 billion euros' worth of reforms, over 2 1/2 years to 2014. and the problem is, those reforms are making things worse. it's that whole contradiction is austerity driving growth out of the country, or actually is it creating conditions for investors to get more confidence? and then you get the protests from the people on the street. i'm actually standing on the exact point just outside where parliament is barricaded. you can see behind me just right at that point where over the last two nights, we've seen police charges, plastic bullets being fired as well, protesters getting violent because they're getting very frustrated about the really tough economic conditions which they don't see anything getting better. but i do want to leave this here on a very positive note. and there is one positive thing going on. and that is exports, and that is c
to backstop the government with potentially buying of its bonds. herein lies the problem. this is a country that has tried austerity. it's not like greece that's been dragging its feet. lehoy has enacted over 60 billion euros' worth of reforms, over 2 1/2 years to 2014. and the problem is, those reforms are making things worse. it's that whole contradiction is austerity driving growth out of the country, or actually is it creating conditions for investors to get more confidence? and then you...
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Sep 26, 2012
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the answer is not increased government involvement. it is policies that will create greater job creation and greater manufacturing in the united states and those are the policies we believe that governor romney and ryan are advancing during this campaign and policies they will put in place when they're in the white house. >> there is a poll, 87% of likely voters say the economy will be an important factor in their decision when they vote. obviously not a surprise. when you have confidence up like it was yesterday, you get home prices that are improving. we got decent numbers today. the market today aside has obviously been strong for the quarter. you have gas prices coming down. are there policies, will we be hearing about positions that argue they could have done even better than all of those things doing right now? >> well, look, this recovery is the weakest recovery we have seen in modern history. you still have 23 million americans struggling for work. you have 47 million americans on food stamps. the reality is that the obama camp
the answer is not increased government involvement. it is policies that will create greater job creation and greater manufacturing in the united states and those are the policies we believe that governor romney and ryan are advancing during this campaign and policies they will put in place when they're in the white house. >> there is a poll, 87% of likely voters say the economy will be an important factor in their decision when they vote. obviously not a surprise. when you have confidence...
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we have a bind for the government. you've got a recession already, you've got 25% unemployment, you've got a housing crisis which means prices have fallen at least 25% and could fall again. the remedy for the markets is to have more austerity. it's what they have to do to gain the confidence of the markets, to gain the confidence of northern european markets and paymasters, i.e., the germans so they can get the bailout if and when they ask for it on a sovereignty basis. they're trying to preempt conditionality by having extreme austerity. we're talking about possibly getting cuts as much as 30% in agriculture, public works and infrastructure. across the board, and there are real concerns that far from being the remedy this could entrench the recession and make it harder for this country to pull itself out of the mire because there are a lot of things that government doesn't control. it doesn't control the regional budgets of places such as a andalucia and catalonia and the other. of course we had a banking sector crisi
we have a bind for the government. you've got a recession already, you've got 25% unemployment, you've got a housing crisis which means prices have fallen at least 25% and could fall again. the remedy for the markets is to have more austerity. it's what they have to do to gain the confidence of the markets, to gain the confidence of northern european markets and paymasters, i.e., the germans so they can get the bailout if and when they ask for it on a sovereignty basis. they're trying to...
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Sep 26, 2012
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. >> that was incentive by the government. the government wanted to increase the home ownership in the united states. so much of the financial crisis written is not true. i had the opportunity, i was ceo of bb & t for 20 years, larry and i were just talking about, we met years ago, i knew bernanke, knew greenspan, all the ceos of large financial institutions and this is, i believe, the first book that actually tells people what really happened in the total context. going back to the early '70s, working through what happened with community reinvestment act, freddie and fannie. the impact on decision makers, a lot of books written by congress that don't really understand what the impact of regulations have on people trying to make decisions. if somebody threatens to put you in jail, closes your bank down, you're going to do things that you may have a lot of discomfort with. and this is something joe would be interested in. i talk a lot about philosophy. bb & t did better than any other institution. all of our management, and ano
. >> that was incentive by the government. the government wanted to increase the home ownership in the united states. so much of the financial crisis written is not true. i had the opportunity, i was ceo of bb & t for 20 years, larry and i were just talking about, we met years ago, i knew bernanke, knew greenspan, all the ceos of large financial institutions and this is, i believe, the first book that actually tells people what really happened in the total context. going back to the...
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Oct 3, 2012
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the government has been losing jobs. we can argue about the thousands here, 1,000 here, 10,000 there, the economy has been growing at 1.5 to 2%. in the 150, 160,000 range. the better argument for the future would be one where we're arguing over 250 versus 150. >> steve, you know what i find fascinating? it seems as though we just keep shaving the curve a bit when data is doing better several months ago. we were too optimistic. when data started to do reversals of late, maybe we were too pessimistic. we're in the middle zone. 162,000, it might be better than they were expecting. currently on jobses we've averaged a smidgen for the third quarter. i guess in the end the numbers give me confidence because it is a bigger part of the economy. but none of this is to write home about on the recession side. >> my perspective is i'm afraid we're falling off a cliff. the ism numbers don't tell us that. it shows that we're in a modest area and recession is not around the corner. but let's say your test is putting millions back to wo
the government has been losing jobs. we can argue about the thousands here, 1,000 here, 10,000 there, the economy has been growing at 1.5 to 2%. in the 150, 160,000 range. the better argument for the future would be one where we're arguing over 250 versus 150. >> steve, you know what i find fascinating? it seems as though we just keep shaving the curve a bit when data is doing better several months ago. we were too optimistic. when data started to do reversals of late, maybe we were too...
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i see government workers not as bad people, but they're in the wagon. you got to have more people pulling the wagon. i think governor romney understands that. you got to grow the private sector. >> senator paul, thank you for being on today. appreciate it a lot. >>> okay. we got a lot more coming up. at 8:30 eastern we'll get personal spending data for august and talking about the effect of this summer's drought. [ male announcer ] eligible for medicare? that's a good thing, but it doesn't cover everything. only about 80% of your part b medical expenses. the rest is up to you. so consider an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement plans, they help save you up to thousands in out-of-pocket costs. call today to request a free decision guide. with these types of plans, you'll be able to visit any doctor or hospital that accepts medicare patients... plus, there are no networks, and you'll never need a referral to see a specialist. join the millions who have already enr
i see government workers not as bad people, but they're in the wagon. you got to have more people pulling the wagon. i think governor romney understands that. you got to grow the private sector. >> senator paul, thank you for being on today. appreciate it a lot. >>> okay. we got a lot more coming up. at 8:30 eastern we'll get personal spending data for august and talking about the effect of this summer's drought. [ male announcer ] eligible for medicare? that's a good thing, but...